Delhi Metro Rail Corporation (DMRC) has disputed the amount payable in the arbitration dispute with Reliance Infra. Presenting his case to the Delhi High Court, DMRC argued that the amount owed is Rs 5,000 crore compared to Reliance Infra’s claim of Rs 7,100 crore. However, he agreed to file Rs 1 000 crore in an escrow account within the next 48 hours.
The enforcement petition was filed by Delhi Airport Metro Express Pvt Ltd (DAMEPL) against DMRC for enforcement of the order of the Supreme Court, which upheld the arbitration award of Rs 7,100 crore in favor of the company.
In its argument, DMRC also cited a proposed debt takeover from Reliance Infra in the draft, saying the banks might be more “sympathetic” to it.
More than three months have passed since the Supreme Court’s order was issued in favor of DAMEPL, where the Supreme Court dismissed DMRC’s petition for review.
Case background in brief:
(Edited by : Abhishek Jha)
First publication: STI
